On whether there are any signs of hope in the latest jobs report for the long-term unemployed:

Leigh Gallagher: Well, it hasn't been the most disappointing report we've seen over the past 18 months, we can say that. It was disappointing. And this is after last month, which actually surprised on the other side -- it was a lot better than people anticipated. So we're kind of bouncing along here around this kind of general state of the job market is not soaring back by any means and it's not likely to any time soon. So this is a persistent problem that we're going to have with us for a very long time.

On whether the Fed will do something after this latest jobs report:

John Carney: I think the Fed is definitely going to act. We don't know exactly what they are going to do, but they're almost certain to take some action at their next meeting. Whether that just means that they change the language they use to emphasize that they are going to stay more accomdating for an even longer period or whether they actually go out and start buying various financial assets is not clear right now. But I'll guarantee right now that they will do something at their next meeting.